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In economics, a good is a material that satisfies human wants^[1] and provides utility, for example, to a consumer making a purchase. A common distinction is made between 'goods' that are tangible property (also called goods) and services, which are non-physical.^[2] Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products.^[3]

Although in economic theory all goods are considered tangible, in reality certain classes of goods, such as information, only take intangible forms. For example, among other goods an

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A product can be classified as building materials or intangible. A tangible product is a physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing. An intangible product is a product that can only be perceived indirectly such as an insurance policy.

Intangible Data Products can further be classified into Virtual Digital Goods ("VDG") that are virtually located on a computer OS and accessible to users as conventional file types, such as JPG and MP3 files, without requiring further application process or transformational work by programmers, and as such the use may be subject to license and/or rights of digital transfer, and Real Digital Goods ("RDG") that may exist within the presentational elements of a data program independent of a conventional file type, commonly viewed as 3-D objects or a presentational item subject to user control or virtual transfer within the same visual media program platform. Open Source Code, GNU Linux, or even Android, may manipulate and/or convert base Virtual Digital Goods ("VDG") into process-oriented Real Digital Goods ("RDG"), as part of an application process or manufactured service that may be viewed on Personal Data Assistant ("PDA") or other hand-held tangible devices or OS computer.

A third type in this is services. Services can be broadly classified under intangible products which can be durable or non durable. Services need high quality control, precision 

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In marketing, a product is anything that can be offered to a market that might satisfy a want or need.^[1] In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract.

In economics and commerce, products belong to a broader category of goods. The economic meaning of product was first used by political economist Adam Smith.^{[citation needed]}

A related concept is that of a subproduct, a secondary but useful result of a production process.

Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability.

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Service economy can refer to one or both of two recent economic developments:

• The increased importance of the service sector in industrialized economies. The current list of Fortune 500 companies contains more service companies and fewer manufacturers than in previous decades.
• The relative importance of service in a product offering. The service economy in developing countries is mostly concentrated in financial services, hospitality, retail, health, human services, information technology and education. Products today have a higher service component than in previous decades. In the management literature this is referred to as the servitization of products. Virtually every product today has a service component to it.

The old dichotomy between product and service has been replaced by a service-product continuum. Many products are being transformed into services.

For example, IBM treats its business as a service business. Although it still manufactures computers, it sees the physical goods as a small part of the "business solutions" industry. They have found that the price elasticity of demand for "business solutions" is much less than for hardware. There has been a corresponding shift to a subscription pricing model. Rather than receiving a single payment for a piece of manufactured equipment, many manufacturers are now receiving a steady stream of revenue for ongoing contracts.

Full cost accounting and most accounting reform and monetary reform measures are usually thought to be impossible to achieve without a good model of the service economy.